GlobalData expects that 130 new crude and natural gas projects will start operations in Asia over the next eight years. By 2025, the projects will contribute around 518 thousand barrels per day (mbd) to global oil production and close to 11.5 billion cubic feet per day (bcfd) to global gas production. Most new developments, or 76 projects, fall under an early-stage category, while 54 of new projects have progressed to well-defined development plans. Differentiating for the primary resource type, conventional oil and gas projects account for 76 and 44 of new projects respectively. The region will see five CBM, 3 heavy oil, and 2 unconventional gas projects among its upcoming developments.
India will lead with a total of 62 projects, followed by China with 20 and Indonesia with 19. Malaysia will drive natural gas production, contributing 3.8bcfd to the region’s gas production by 2025. China will be responsible for the largest contribution to oil and condensate production with the country’s upcoming projects adding 195mbd over the eight-year period.
Among companies participating in new projects in Asia, China National Offshore Oil Corporation will see the highest contribution its oil and condensate production from upcoming fields with 149.6mbd by 2025. Upcoming projects in Asia will contribute 96.6mbd to Oil and Natural Gas Corporation and 33.1mbd to Chevron Corporation by end of the eight-year period. On the gas side, Oil and Natural Gas Corporation will see 1,786 million cubic feet per day (mmcfd) brought in by new projects by 2025, followed by Petroliam Nasional Berhad and China National Offshore Oil Corporation with 1,719mmcfd and 783mmcfd respectively.
Offshore developments will be responsible for over 90% of Asia’s new gas production in 2025, shallow water fields will bring 5,976mmcfd, deepwater and ultra-deepwater will contribute 2,723 and 1,720mmcfd respectively. New onshore gas projects will add 1,068mmcfd to the region’s gas production by 2025. Similarly, to gas, close to 88% of new oil production in 2025 will come from offshore fields. Shallow water fields will contribute 321mbd, deepwater and ultra-deepwater developments will bring on 94 and 40mbd respectively by 2025. The remaining 12% of Asia’s oil and condensate production in 2025, or 64mbd, will come from onshore fields.
Source: Global Data Energy
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